Formulate Business Plan
Before you begin the hard and fast steps of legally starting a business in Florida, you are going to want to have a business plan in place. The plan will be different for each business, but a basic one will include your sales goals and long term goals as well as your budget, employee needs and marketing plan.
Get Guidance on Starting a Business in Florida
Opening a business is a big deal. You will want to get your company started off on the right foot, or it could spell disaster down the line. Making sure you are registered with the state correctly, that your EIN is in place, and that you have registered for the correct business related taxes are very important steps of opening your business. An accountant, attorney, or financial advisor will be able to help you along your journey, offering sage advice, and may be able help you obtain small business grants or tax breaks.
Choose Business Structure
The 3 most common business structures are Sole Proprietorship’s, Limited Liability Companies (LLCs) and Corporations. When choosing the structure for starting a business in Florida, consider which type of structure will suit your company the best, as they each have varied legal and tax implications.
Apply for an EIN
An EIN is an Employer Identification Number and is used to identify the company for tax purposes. Do you need one? Most businesses will. Complete this short questionnaire provided by the IRS and find out. You can get one immediately by applying online.
Register for Florida Taxes and Choose Your Tax Year
The Florida Department of Revenue is a great place to start to find out which Florida state taxes will apply to your business. You will want to ensure you are registered for all the taxes that apply to your specific business industry and structure. Contact your accountant to make sure all your bases are covered.
Finding a PEO
A PEO, or Professional Employer Organization is a company that provides outsourced human resources for small to medium sized businesses. A PEO pays wages and employment related taxes as well as administering your workers’ comp policy and helping keep your company in compliance with ever-changing state and federal laws & regulations. PEO’s can also provide small businesses with benefits such as 401k plans, dental, vision, health and life insurance they may not otherwise have access to.
Businesses that use PEO’s typically grow 7-9% faster because they are alleviated of tedious administrative tasks and have more time to focus on their company. These same companies experience a 10-14% lower employee turnover rate as compared to the national average and are 50% less likely to go out of business.